This is according to The Nottingham which also found out a further one in eight adults – the equivalent of 6.3 million people – plan to take products out from building societies in the next year.
Unveiling the results of a study today The Nottingham also found one in five of those planning to access the services of a building society would be doing so for the first time.
The Nottingham said it had itself welcomed 40,000 new customers in 2020.
However, its study found this was a trend across the wider building society sector, with the Covid-19 pandemic driving more interest in what they offer.
Its research found 15% of adults were now more likely to take out products from a building society or other mutual.
Of those people with a product from a building society, 46% had a savings account, followed by 44% who had a current account. Around 21% had a cash ISA, 13% had insurance through them and 12% had taken out mortgages.
Community
However, customers are not just interested in getting the best deals from the UK’s building societies. Around 36% of customers said they took out products because building societies were within their local community, just slightly behind are the 37% who say it is because rates are more competitive.
Around 31% said they chose building society products because they liked the ‘giving back’ ethos of mutuality while 24% choose societies because of the service. What’s more 14% used them because they have a say on how they are run.
David Marlow, chief executive of The Nottingham said: “I think one of the many things we’ve learnt from the last year is that how organisations support their communities really does matter.
“Those that have stepped up and put people before profits have made a real difference. That’s the whole ethos of the mutuality model. We are owned by our members so doing the right thing by them and our communities is at our heart.
“Last year our mutuality model allowed us to treble our charitable contributions to causes that really needed our help to support the most vulnerable within our community. We also freezed interest rates for savers and supported mortgage customers.
“These factors, mixed with our product offering, no doubt contributed to us welcoming 40,000 new customers to the Society in 2020.
“It is clear from our research that it’s this ethos and commitment to local communities that’s as important to customers as the products on offer.”
Some 21% of building society customers questioned said they have four or more financial services products from a mutual out of a range of savings accounts, current accounts, mortgages, ISAs, credit cards, loans, or insurance policies.
Customers who had taken out products from building societies in the last 12 months were most likely to have opened savings accounts (53%) or cash ISAs (22%) while 20% had bought insurance policies from building societies.
